Some Nevada residents may collect art for many different reasons and may accumulate extensive collections. However, many of them may not properly address their collections in their estate plans.
Nevada is one of the states that has adopted the Revised Uniform Fiduciary Access to Digital Assets Act. This is important in giving fiduciaries access to a person's digital accounts. However, many people might not think about digital assets in connection to setting up an estate account even though they can have both material and sentimental value.
When a family member passes in Nevada, grief occupies the relatives and friends, but the executor of the will must focus on administrative business as well. A will designates the person who will manage the estate. Known as an executor, this representative must perform certain tasks within days or weeks of the death, such as halt Social Security payments, obtain death certificates, track down the will, locate assets, notify the probate court and pay for burial expenses.
When an estate holder dies in Nevada, a number of different duties fall upon the estate executor. The executor must, for example, take all estate assets into possession, arrange for payment of taxes and debts and then oversee the distribution of property to heirs and beneficiaries. In a case where the deceased had a wine collection, the unique nature of the wine as an asset could make matters more complicated.
Nevada residents who are in charge of a sibling or parent's home after that person dies may wonder what they should do with the home. There could be options such as selling the home or renting it out although if the person is not an experienced landlord, it may be a good idea to get help with the latter option. The person might also wonder what to do if there is a reverse mortgage on the house. It is important to not be overwhelmed. Speaking to professionals, including a realtor, may be helpful. The difficulty of knowing how to proceed may be compounded by the grief and stress surrounding the loved one's death.
Many Nevada residents like to plan ahead to make sure their heirs are taken care of after they have died. As part of the estate planning process, they may need to decide if a will or trust is the best way to handle the distribution of their assets.
A family's agricultural business can be a great source of pride, but these entities face challenges when passed from one generation to the next. New leadership must be chosen carefully to ensure continued business success, and the threat of estate taxes after an owner's death needs to be addressed ahead of time.
When an individual passes in Nevada, the executor of the estate should determine if that person's estate has any outstanding debt balances. From there, the executor must decide when and how to pay them. It may also be necessary to contact creditors to tell them about any delay in payment that may occur. Property tax and insurance bills are among the most important debts that an estate may need to pay right away.
Some Nevada residents may have created an estate plan but not shared the whereabouts of the documents with their loved ones. According to a 2016 study by BMO Wealth Management that surveyed more than 1,000 people, only 33 percent of people had told their heirs where to find estate planning documents, and only 10 percent gave their heirs original copies. More than 10 percent of people said their heirs did not where to find the original documents, and one-quarter said that only their spouse knew where documents were located.
For more than a decade, the attorneys at Cassady Law Offices, P.C., have been assisting clients from the greater southern Nevada area with their estate planning needs. Throughout that time, we have seen that there are many false ideas floating around regarding probate. Our job is to unravel this complex issue by explaining it in layman's terms to ensure our clients fully understand the process, which can greatly benefit them in estate planning matters.